The Uganda Securities Exchange on Friday approved an application by Umeme Limited to suspend trading in the power utility’s shares until its largest stockholder sells off the stake it owns in the company.
Political and business leaders believe that with recent reports of Uganda’s economic downturn, more government attention to agriculture – which employs most Ugandans – and increased investment in the sector will spur growth.
Total S.A., the French oil and gas company currently carrying out exploration activities in western Uganda, is acquiring a 10% stake in Uganda’s planned oil refinery, energy minister Irene Muloni told Bloomberg.
Uganda has moved up seven places in the World Bank’s latest Doing Business Report, coming in at 115 out of 188 economies. The report investigates regulations that improve or constrain the operations of small to medium-size domestic businesses.
Vivo Energy Group CEO Christian Chammas was in Uganda recently to launch the company’s convenience retailing stores at Shell Amber-court in Jinja. Chammas was pleased with the growth of the petroleum industry in Uganda, and expressed optimism about its potential.
For the last two or so weeks, the Daily Monitor has been delaying online publication of some of its print newspaper articles. In some cases, the content has been delayed for more than a week. The move is intended to prop up print sales.
Stanbic Bank is reducing its prime lending rate by 1% from 22% to 21% effective 1 December, a statement released by the lender said. This follows last week’s reduction in the Central Bank Rate to 13%, the fourth consecutive rate cut this year.
In about two months, Uganda’s stock market will be able to list a new security that makes it possible for institutions and individuals to invest in real estate, and earn high dividend yields that are exempt from taxation.
Bank of Uganda ended weeks of speculation about Crane Bank, announcing on Thursday that it is taking over management of the lender. Here is what you need to know about the central bank’s move and what it means for Crane Bank and its customers.
Bank of Uganda has taken over the management of Crane Bank Limited, Emmanuel Tumusiime-Mutebile, governor of the central bank, told journalists at a hastily convened press conference on Thursday.